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Debt Consolidation: What to look for
You have decided to get a debt consolidation mortgage to get control of your monthly budget. This may not solve all your money problems, but with discipline and a clear plan, it's a great start. You have even decided, with knowledgeable help, which type of debt consolidation mortgage that you need. Now you need to find someone to put together the loan for you. Where should you start? What do you look for? Stop panicking. Take a deep breath. This is just another loan. You can do this.
Debt Consolidation by Refinance
If you have decided on refinancing your mortgage as your method of debt consolidation, contact your current mortgage lender. Often, but not always, they can get you the best rates in the shortest period of time on a debt consolidation mortgage. Also, by staying with the same company you aren't charged as many fees. If you don't like them, or they tell you no, you have two options: go find another lender yourself or find a mortgage broker who can offer debt consolidation mortgages. Which method you choose depends on many factors that are covered under "debt consolidation mortgages". This method can take two months, so you want to contact any creditors that are overdue and let them know what is happening. If they start harassing you, often your closing company can contact them for you.
Debt Consolidation by Debt Consolidation Mortgage
The same advice applies to home equity debt consolidation mortgages. Sometimes this type of loan comes as a line of credit. If it does, be sure that it is hard to draw on. You don't want someone stealing your identity then maxing out your line of credit against your house. Most identity theft is close to home, so be very careful.
Unsecured Debt Consolidation Loan
If you decide on an unsecured debt consolidation loan, you have to decide between lump sum and line of credit. These are the loans most advertised online. Read the fine print very, very carefully. Sometimes a line of credit has worse rates than a credit card. You don't want your debt consolidation loan to put you more in debt than your credit cards would have.
Use a lot of skepticism and care when choosing your lender. If you have a good relationship with your bank, this is definitely the time to use it. They may even have an option that you haven't thought of.
Never lose sight that your goal is to get out of debt, not get another loan. So don't let the debt consolidation mortgage blind you to your real goal. If the only loan that you can get is a bad one, don't take it, find another way. You are smart enough to find a good deal.
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